1. The following is the financial information obtained from Plantonics company as of December 31, 2020 (note that the initial balance of Retained Earnings is $125000)

a. Prepare a Statement of Profit or Loss and Statement of Change in Equity in the correct format for Plantonics company as of December 31, 2020

Account Wages and salaries Rent expense Dividend income Cost of sales Advertising expense Sales revenue Utilities expense Interest expenses Depreciation Insurance expense Interest income Entertainment expenses Amount ($) 150,000 60,000 125 350,000 75,000 803,250 4,500 11,250 30,000 37,500 6,250 313